KBRA Affirms All Ratings for CSAIL 2017-C8
6 Jun 2024 | New York
KBRA affirms all of its outstanding ratings for CSAIL 2017-C8, a $595.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization, including the addition of K-LOCs, all of which are within the Top 10. However, this is offset by pool deleveraging and defeasance.
As of the May 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified four K-LOCs (31.5%). These include:
- 85 Broad Street (largest, 15.1% of pool balance)
- Hotel Eastlund (3rd largest, 6.4%)
- 449 South Broadway (5th largest, 5.3%)
- Columbus Office Portfolio I (8th largest, 4.6%)
The transaction’s WA KLTV is 94.7%, compared to 97.0% at last review and 88.2% at securitization. The KDSC is 2.08x, compared to 1.97x at last review and 2.32x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publication
Methodologies
- CMBS: U.S. CMBS Multi-Borrower Rating Methodology
- CMBS: U.S. CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- CMBS: U.S. CMBS Property Evaluation Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology